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Fan Yang

Revlon (REV) in Bullish Breakout from a Small Range Within Range

Earlier in April, I provided some reasons to believe Revlon $REV was starting to become bullish within a large range between roughly $15 and $28. 

Revlon (REV) Rangebound but Starting to Look Bullish

REV Daily Chart

(click to enlarge)

Breakout from Consolidation Range:
- After the previous assessment, price ranged between roughly $18.85 and $22 for the rest of April.
- Then, we saw price finally break above the $22 resistance during the 5/3 Friday session.
- This suggests upside towards the resistance area around $28. 
- At this point, a break below $21 would indicate a false bullish breakout and return the pressure on the $18.85 support. 
- Otherwise, I think if we start to see support around $22, we should add confidence to the bullish outlook towards $28. 

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